When it comes to buying a home in Southwest Florida it can be difficult to estimate what the property’s resale value will be five, ten or even 20 years down the road. There area a number of factors that have an impact on the housing market- which can make it nearly impossible to pinpoint where a home’s resale value will lie.
At the same time, there are several indicators that show a purchase will be a good investment.
Homes in good neighborhoods that are well-developed are generally a good bet
One of the most important things in determining a home’s future resale value is the neighborhood the home is in. If the neighborhood is walker-friendly and it’s close to markets, grocery stores and restaurants, this is a positive sign. On the other hand, if the area isn’t developed, it has lacking infrastructure and the closest markets / restaurants / movie theaters are several towns over, a home purchase will be less likely to yield a positive ROI.
You should also keep in mind that homes that are in neighborhoods that have a lot of amenities sell much faster (and at a higher price) than homes in neighborhoods that lack these types of things.
Pay attention to the roof, the HVAC and the foundation
When you purchase a home, be sure to ask how recently the home was re-roofed and whether the homeowner has been keeping up on their HVAC, furnace and/or central AC unit maintenance. You should also ask about the state of the hot water heater. When it comes time to sell the home, if the lifespan of the roof, water heater and/or heating and cooling equipment is near its end, this will have a negative impact on the selling price.
Homes in neighborhoods with excellent schools tend fare better
If you don’t have children (or your children are over the age of 18) it wouldn’t be unusual to skip asking about the local school districts. However, if you plan to sell in the future, this could be important to a potential buyer. Experts agree that homes that lie in a great school zone are far more likely to increase in resale value.
When you’re in the process of house hunting, don’t forget to pay attention to things that could have an impact on its selling price in the future. Purchasing a home is an investment, and you’ll want to keep that in the front of your mind throughout your search.